China GDP was negative 2.6% in the April-June period on a quarter-over-quarter basis but was +0.4% expansion compared to the second quarter of 2021.
It was China’s worst quarterly performance since a 6.9% contraction in the first three months of 2020 as the country locked down the city of Wuhan, where the new coronavirus was first detected.
The latest result was below the median estimate of 1.1% growth in a survey of 35 economists polled by Nikkei, and sharply down from a 4.8% year-on-year expansion in the first quarter.
China has a 5.5% GDP target for 2022 but most economists are now expecting a 3-4% GDP for China in 2022.
European Commission cuts 2023 GDP projection for Europe to 1.4% from 2.3%. The estimate for European inflation is now seen averaging 7.6% this year, 4% in 2023.
The Bank of France puts France’s second-quarter GDP growth at about 0.25%.
The first quarter Europe GDP did not show the full impact of the war in Ukraine and high inflation and fuel prices.
The Euro is now trading at parity with the US dollar.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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